A little-known Kazakh businessman has staged a bid to acquire 40 per cent of international mining company Eurasian Resources Group, setting up a confrontation with chief executive Shukhrat Ibragimov who made a similar offer earlier in the year.
The rival bids from 35-year-old Shakhmurat Mutalip and 39-year-old Ibragimov, the son of one of ERG’s now-deceased oligarch founders, are the latest twist in the history of the former FTSE 100 company that was known as ENRC.
Ibragimov proposed acquiring the same 40 per cent of the miner, the Financial Times reported in May. Those shares are at present held by its co-founder, Patokh Chodiev, and by the heirs of Alexander Mashkevich, the third of the founders, who died earlier this year.
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